Sprout IQ · Private proposal
Enter your password to view the Miriam’s Mortgages proposal
Skip to booking
Proposal · Draft This is a private preview for Miriam’s Mortgages. Nothing is live or public until you approve it.
Miriam’s Mortgages Simply smarter support

Over 55 with equity in your home? · North York

Draw on your home without selling it, and without monthly payments.

A reverse mortgage lets homeowners 55 and over turn part of the value of their home into cash while they go on living in it. You stay on title. There are no required monthly payments. It genuinely suits some situations and genuinely does not suit others, and I will tell you plainly which one you are in.

  • 5.0 on Google, 74 reviews
  • Mortgage Agent Level 2
  • No cost, no obligation
See what my home could release Call 647-274-9680
Miriam Essebag, Mortgage Agent Level 2, North York
Miriam Essebag Mortgage Agent Level 2 · License# M1900073
Verified client · Carol Pellegrino
Thank you Miriam for all your suggestions giving pros and cons of each. I’m completely lost when it comes to financial decisions. Your patience was greatly appreciated as was your assistants understanding.

Reverse mortgages, straight

What a reverse mortgage actually is, and what it is not

Most of what people believe about these is wrong in one direction or the other. Here is the real shape of it.

  • 1

    You keep the title to your home

    The lender does not take ownership and cannot move you out while the terms are met. You stay on title and stay in the home. The loan is settled when the home is sold, when you move out permanently, or through your estate.

  • 2

    No monthly payments, and that is the trade

    You are not required to make payments, which is the whole appeal. Interest accrues on the balance instead, so the amount owing grows over time. That is the honest trade-off and it is the part worth sitting down over.

  • 3

    Qualifying is about age and the home, not income

    Approval rests mainly on your age, your property and where it is, rather than on employment income or a high credit score. How much you can access rises with age, up to 55 percent of the value of the home.

Ontario-licensed · License# M1900073. Miriam compares options across a range of lenders through Mortgage Outlet Brokerage, at no cost to talk and no obligation to proceed. Serving North York, Toronto, Vaughan, Brampton and Innisfil.

Miriam Essebag, Mortgage Agent Level 2, License# M1900073. Brokerage: Mortgage Outlet Brokerage, Brokerage License # 12628. Rates and terms are not guaranteed and are confirmed directly with Miriam and the lender. Approval depends on your full application and the lender's own criteria. Nothing here is financial or legal advice.

Frequently asked questions

How old do I have to be?
Fifty-five is the minimum in Canada, and every registered owner of the home has to meet it. How much of your equity you can access generally increases with age, so the same home releases more at 75 than it does at 57.
Will I be taxed on the money?
The money you receive is borrowed rather than earned, so it is not taxable income. How that sits alongside pensions and any income-tested benefits is a question for your accountant, and I am happy to be on that call.
Will there be anything left for my family?
Usually yes. You keep whatever value remains above the balance owing, and that is what passes to your estate. I will show you projections at several time horizons so you can see how the balance and the remaining equity move against each other.
Over 55 with equity in your home?

Request a callback

Leave your details and Miriam’s Mortgages gets back to you directly to set up a time that works for you.

  • 5.0 on Google across 74 reviews
  • Mortgage Agent Level 2, License# M1900073
  • Mortgage Outlet Brokerage
  • No cost to talk, no obligation

Prefer to talk? Call 647-274-9680.

Send your details

Leaving your details is all it takes. Miriam’s Mortgages reaches out to you directly.